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Spanish economy 25th May 2022

Mapfre’s solvency ratio 205,3% end-March 2022, within tolerance threshold

Link Securities | In a Relevant Fact sent to the CNMV, Mapfre has communicated to the General Directorate of Insurance and Pension Funds the quarterly recalculation of its solvency position. This is to comply with the European Central Bank (ECB)’s requirement in the context of financial stability. It also follows the Insurance Supervisor’s recommendation based on good practices for Internationally Active Insurance Groups. According to the calculations which have been…

Spanish economy 24th May 2022

Siemens Gamesa: Downgrade from Reduce to Sell (T.P. 15,1 eur/shr) after Siemens Energy bid

Alphavalue | As we flagged yesterday, finally on Saturday there was confirmation of Siemens Energy’s bid for 100% of Gamesa at 18,05 euros/share in cash (12.3 billion euros) with the aim of integrating the latter and delisting it. As you know, Siemens Energy already has 67,12% of Gamesa’s capital. The price being offered represents a premium of 27,7% with respect to the final closing price on May 17 2022. Excluding…

Spanish economy 24th May 2022

Brussels Warns Spain Of High Debt And Unemployment Risks

The European Commission officially advocates maintaining the suspension of fiscal rules in 2023. However, it warns that Spain is dragging serious “vulnerabilities” with “cross-border relevance” and fears that public indebtedness will be higher in 2026 than in 2021. “Spain is experiencing imbalances,” the European Commission warned yesterday as it released its spring package of recommendations. It warned that its “vulnerabilities relate to high external debt, public and private, in a…

Spanish economy 24th May 2022

Government, Trade Unions Agree On Record Offer Of Public Employment, With Almost 30,000 Vacancies

The Ministry of Finance and Public Administration reached an agreement with the trade unions on Monday to launch the largest public employment offer in the history of the General State Administration, with 29,578 vacancies. As reported by the Independent Trade Union and Civil Servants (CSIF), the General Union of Workers (UGT) and Comisiones Obreras (CC.OO.), the negotiated offer does not include the State Security Forces and Corps, the Armed Forces…

Spanish economy 24th May 2022

ACS, Atlantia may have agreed to inject €10 BN capital into Abertis

Renta 4 | ACS may have reached an agreement with its partner Atlantia to inject capital into Abertis with the aim of making infraestructure acquisitions. According to press reports, the owners of Abertis, ACS (30% direct stake, 20% – 1 share via Hochtief) and Atlantia (50% + 1 share) could have agreed to inject capital in the concessionary in order to make new infrastructure acquisitions. In addition, to extend some…

Spanish economy 23rd May 2022

CaixaBank joins the list of more preferred financial entities for next 3-6 months

Morgan Stanley | Global financial institutions. We revise our order of preference. This list represents the stocks where there is greater conviction at a global level with a time frame of 3-6 months. We periodically revise this list to make it more dynamic and reflect the changes in vision and market conditions. Today we are incorporating Caixabank to that list (we are 10% above consensus and there is a risk…

Spanish economy 23rd May 2022

How Long Will The Economy Hold Out?

J.P. Marín-Arrese | Now that the monetary tables are turning, it is not at all prudent to indulge in overspending. Inflation undoubtedly has a dampening effect by automatically raising fiscal drag while lowering liabilities in real terms. But if the slowdown deepens, the most vulnerable countries could once again come under suspicion. This is a real risk, no matter how much we try to ignore it. In such turbulent times,…

Spanish economy 23rd May 2022

Siemens Energy Launches €4 Billion Bid To Delist Gamesa From The Stock Exchange

Siemens Energy has launched a takeover bid for the 32.9% of Siemens Gamesa’s capital that it does not already own, valued at 4 billion euros. The offer will involve a payment of 18.05 euros per share in cash, less than the 20 euros it paid in February 2020 to Iberdrola for the remaining 8% of the capital. Then the CNMV exempted them from launching a takeover bid for its industrial…

Spanish economy 20th May 2022

Escrivá Forecasts A Rise In Social Security Enrolment In May Of 217,000 Contributors, The Third Best Figure In The Series

The Minister of Inclusion, Social Security and Migration, José Luis Escrivá, announced this Thursday that Social Security enrolment will increase by 217,000 people in May, “the third best figure in the historical series”. At the press conference to report on the fortnightly evolution of Social Security enrolment, Escrivá indicated that, in seasonally adjusted terms, May will see 37,000 more contributors. In his opinion, this data demonstrates the “enormous dynamism” that…

Spanish economy 20th May 2022

Big Spanish constructors team up to bid for Madrid’s City of Justice; a €500 Mn investment

Link Securities | The big Spanish infrastructure groups are forming alliances to make a bid for the only major public works concession planned for this year in Spain, according to Expansion. The Madrid Government is finalising the tender process for the City of Justice, involving an investment of 500 million euros. So ACS and Acciona have decided to join forces for the project, while Sacyr has teamed up with Ferrovial….